[May 13, 2020]
Revenues are falling, but expenses aren’t. Even though they’ve closed their spaces, galleries must keep paying their rent. And other costs. Of course, the situation is not unique to the art field, as all retail tenants have to deal with this reality. Given the scope of the problem, the federal government has instituted a measure that reduces up to 75 percent of rental costs. Intended for small businesses, the Canada Emergency Commercial Rent Assistance program consists of forgivable loans to property owners so that they can reduce rents for April, May, and June 2020. The Canadian Mortgage and Housing Corporation is administering this assistance, which can be applied retroactively.